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ANALYST'S VIEWPOINT: "The Bank of Japan also left policy unchanged again today, also putting themselves in the 'wait and see' camp and subsequently directing a wave of capital into the Japanese yen and out of Japanese equities," Chris Weston of IG said in a commentary.

BREXIT OUTLOOK: Investors are bracing for a tight race in the British vote on June 23 on whether to leave the EU. The Bank of England, which kept its rates on hold as well on Thursday, said a vote to leave would likely see the pound drop sharply and hurt spending and investment. It also warned that the uncertainty could affect confidence in the global economy.

Not content with merely spying on our emails and phone calls, the NSA wants to spy on thermostats, refrigerators, and pacemakers.

Small-town police departments continue to militarize their forces, acquiring military equipment such as BearCat armored vehicles and SWAT teams at an alarming rate.

According to the Government Accountability Office, the majority of people in the government’s criminal face-recognition database have never committed a crime.

The private prison business is booming, signaling a profitable windfall for investors and a death knell for any American unfortunate enough to run afoul of the many laws criminalizing otherwise legitimate behavior such as growing a garden on one’s front lawn or hosting a Bible study in one’s backyard. In fact, one Florida couple recently sued their town council after being threatened with fines under a law banning front-yard gardens.

The Second Circuit Court of Appeals recently ruled that as long as the government shows “good faith,” it can search your digital files as much as it wants.

The FBI and other government agencies have been hiding cameras in city utility poles in order to carry out warrantless, covert surveillance on Americans.

The USDA and EPA have been using SWAT teams to conduct raids on raw milk producers, beekeepers and lemon growers, among others.

The Eighth Circuit Court of Appeals has ruled that Americans have no expectation of privacy when it comes to credit card magnetic strips. Translation: swiping a credit card to determine its legitimacy is not a search under the Fourth Amendment.

Sex scandals involving police officers—the latest involving police and sex workers in California—are revealing yet another sordid side of the abuses being perpetrated by government officials as they carry out their “official” duties.

The University of Oklahoma is preparing to launch a 24/7 hotline for students to report incidents of microaggressions and bias.

The government’s active shooter, crisis actor terror drills continue to blur the line between what is real and staged. In Fenway Park, a multi-agency counterterrorism exercise managed to fool even local media with its simulated explosions and gunfire, reports of active shooters and bombs, bomb-sniffing dogs, and fake victims, blood smeared on their faces, running from the park with hands in the air.

The Drug Enforcement Administration is fighting for warrantless access to Americans’ private medical files, including what prescriptions you might be on, as part of its so-called war on drugs.

Two police training academies have been suspended for what appears to be teaching the use of excessive force.

Belying its claims of neutrality, among the 426 organizations the IRS has been accused of targeting for increased scrutiny, a large subsection of the groups have the word “tea” in their name, 33 have “patriot,” 26 refer to “liberty,” and several others have “occupy” in their name.

The FBI is pushing Congress for access to Internet browser history without a warrant. The agency also wants to keep its biometric database secret and exempt from privacy laws.

Using video analytics technology that can detect “suspicious” behavior, the government is looking to tap into surveillance cameras in order to identify “people and objects who could present a threat, or individuals and items that might have been involved in a past crime.”

According to recent figures, people with severe untreated mental illness are 16 times more likely to be killed in a police encounter.

Michigan is creating a pilot program to allow police to carry out roadside drug testing, opening the door to further forced searches in violation of a driver’s right to bodily integrity.

If a new tech start-up gets its way, landlords and employers will eventually be able to strip-mine intimate data from your Facebook page, including entire conversation threads and private messages.

Facebook may also be listening in on your phone conversations all of the time.

According to EPA data, drinking water sources in communities across America may be contaminated beyond what is being reported.

Despite government efforts to appear transparent and receptive to input on its drone programs, secret documents reveal that the government’s secret drone task force ignored public concerns about drone surveillance.

Taking the risk of government surveillance to all-new levels and moving us that much closer to realizing the fictional world of Minority Report, “biohackers” are putting microchips and magnets in their bodies to enable them to communicate electronically with their surroundings.

Further legitimizing corrupt asset forfeiture schemes, the Texas Supreme Court has ruled that law enforcement can seize private property that was used in the commission of a crime, even if evidence of wrongdoing was illegally obtained by police.

Despite a mounting body of evidence—and dead bodies—proving that tasers can kill, police officers continue to use the so-called nonlethal weapons recklessly, leaving those victims who survive the shock permanently disabled.

As a testament to the transformation of the nation’s public schools into quasi-prisons, more than 1.6 million high school students now attend schools with police on campus but not a single guidance counselor.

In Oklahoma, highway patrols are rolling out a new asset forfeiture program that allows them to access and transfer any funds on prepaid credit cards directly to police bank accounts.

Finally, in a recent interview, former congressman Ron Paul voiced what so many of us have been warning for years now: we no longer really have democracy in America.

Rather, as I point out in my book Battlefield America: The War on the American People, what we have is a political distraction that keeps us oblivious to the steady advance of the police state, deaf to the cries of its victims, blind to the damage its wreaking on our communities and silent in the face of tyranny."

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I think there is a connect between the enormous equity/home asset price bubble and this behaviour of the govt against its citizens. The size of the potential crash may be so enormous that the full extent of militarization of the police state and its power will only be seen after the crash.

I am only taking the short side on my day trades. I do not believe that stops will prove effective in the next crash. This limits my trading days and opportunities.

On another level, the vote in the UK illustrates the fundamental inefficacy of the monetary and financial policies that have been implemented by the world’s dominant central banks and central bureaucracies. For years, global elites have been telling us that deficit spending, government regulation, and central bank stimulus is the best way to cure the global economy in the wake of the 2008 Financial Crisis. To prove these points, elite economists associated with the government, academia, and the financial sector have pointed to all kinds of metrics to show how their policies have been successful. But the man on the street perceives a very different reality. They know that their living standards have fallen, their cost of living has risen, and that their job prospects have deteriorated. They see a loss in confidence and economic stagnation when they are being assured the opposite.

This disconnect has fueled anti-establishment sentiment on both sides of the Atlantic. In the United States, it has given rise to the insurgent candidacies of both Donald Trump and Bernie Sanders. The unexpected successes of both reflect a deep distrust of the establishment. Such discontent would not be in play if the positive stories being told by the elites had made any resonance with rank and file voters.

The same holds true with the unexpected strength of the anti-EU voters in Britain. The “Remain” camp had the support of virtually all the elite members of the major UK political parties, the media, and the cultural world. In addition, foreign leaders, including President Obama in a state trip to England, harangued British voters with warnings of economic catastrophe if the British were to make the grave error of defying the advice of their “best” economists.

I feel the Fed's bail-out profit-centered commercial banks was a sell-out of Americans and by extension the world. Then they added to the misery by using rate cutting. This has caused a theft from those who require guaranteed income for their retirement and many others.

Sadly they profit by bailing out their banking buddies - as do their banking buddies and cause misery for millions.

"The biggest mistake I see investors/traders making is taking position sizes that are too large for their portfolio and not using stop losses when trades go against them. Many new people want to make the money but they do not want to put in the work and discipline to be successful. Those that do are obvious and they catch on quick and compound their wealth."
Paul aka "Super_Trades"

Greenspan:
8:03 AM 6/28/2016
He also warned about the massive entitlements and unfunded liabilities in the U.S. and western world. The U.S. national debt is heading rapidly towards $19 trillion but the U.S. also has unfunded liabilities estimated to be between $100 trillion and $200 trillion.

“The issue is essentially that entitlements are legal issues. They have nothing to do with economics. You reach a certain age or you are ill or something of that nature and you are entitled to certain expenditures out of the budget without any reference to how it’s going to be funded. Where the productivity levels are now, we are lucky to get something even close to two percent annual growth rate. That annual growth rate of two percent is not adequate to finance the existing needs.”

“I don’t know how it’s going to resolve, but there’s going to be a crisis.”

He warns that the crisis will likely lead to inflation:
source:Greenspan Warns ?Early Days Of A Crisis,? Inflation Coming and Urges Return To Gold Standard | Zero Hedge
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Even a buffon can state the obvious. Though he speaks as if he and the Fed had nothing to do with the terrible state of affairs when in reality they caused the real estate bubble and the financial crash. Play with no risk to themselves - only massive damage to the economy. They still get they $300K per speaking engagement. Buffons and morons trashing lives of the average worker, the economy and the environment of the world.

a direct state recapitalization of Italian banks using public funds would be permitted by current EU and ECB regulations, which prohibit state bailouts of insolvent banks, although Europe has a long and illustrious history of finding massive loopholes to that particular prohibition. "Last but not least it is unclear how existing stakeholders, shareholders, bondholders and uninsured depositors, would be impaired under such a bailout."

Well, they wouldn't, despite Europe's recent implementation of bail-in rules. That was the whole point.

However, while Italy was hoping it would get a "pass" on using public funding, mostly Eurozone generated and thus courtesy of Germany, this appears to have hit a dead end moments ago, when Bloomberg reported that Germany opposes any attempt to shield private bank investors from losses if Italy pushes ahead with plans to recapitalize lenders. Chancellor Angela Merkel’s government says that European Union rules on handling struggling banks should apply in any rescue effort, including forcing losses on shareholders and some creditors before public money can be injected, the person said, declining to be identified because the deliberations are private.

And just like that Renzi's entire recapitalization plan has gone up in smoke, because if there is one person in Europe who can veto an Italian bailout, it's Merkel, which is precisely what she has done.

As Bloomberg adds, any waiver of the rules would be complicated, as Germany insists that the EU’s Bank Recovery and Resolution Directive be applied. That will mean Italy must first avoid triggering a wind-down procedure. The assumption in BRRD is that the need for “extraordinary public financial support” for a bank indicates that a bank is “failing or is likely to fail, and therefore triggers the need for resolution,” according to the European Banking Authority.

Effective Sunday, July 10th 2016, the minimum price increment for the CME’s standard-size CAD/USD futures (6C) will be reduced from 1-pip ($10.00 per contract) to 1/2-pip ($5.00 per contract). The shift to half ticks is expected to provide more actionable liquidity.

As a result of this change, users of NinjaTrader will need to update their 6C Futures Instrument “Tick size” property from 0.0001 to 0.00005 to receive accurate quotes and ensure consistent execution prices. Included below are instructions to make the required changes along with a quick video tutorial reviewing the process.

Like collateralized debt obligations, known as CDOs. Or credit-default swaps. But now, a marriage of the two terms (using leverage, of course) is making a comeback -- it’s just being called something else.

Goldman Sachs Group Inc. is joining other banks in peddling something they’re referring to as a ‘bespoke tranche opportunity’…